ask us anything
How much funds will a user be able to access?
A: KarmaLife credit is linked to a user's monthly earnings, which can be checked in the KarmaLife app.
When will a user receive their amount?
A: The amount will be credited into a user's bank account within 4 hours after the transaction is initiated. However, in some rare cases, it might take up to 48 hours.
What if a user pays directly and it gets deducted from their salary too, resulting in paying twice?
A: This is a rare occurrence, but if it happens, the user should report the issue to KarmaLife and they will refund the amount.
What happens after the weekly/monthly repayment is made? Will a user get more funds?
A: KarmaLife will replenish a user's account after receiving their earlier outstanding, so they will be able to utilize the funds on a monthly/weekly basis.
How secure is the information provided by a user?
Can someone use a user's KYC?
A: The user needs to provide their KYC as part of the KarmaLife app setup to create a credit-line account. Once it is set up, no one has access to the user's KYC details and no one else can use it.
Where can a user find their Bureau/CIBIL report?
A: KarmaLife recommends downloading the Bureau reports from the official website of CIBIL, Equifax, Experian, or CRIF. They advise against using third-party apps as they might have older data which might not be accurate.
How much time does any change take to reflect in the Bureau?
A: After KarmaLife reports to the Bureau, it can take up to 45 days for the change to reflect in the Bureau report.
Can money be transferred to someone else's account?
A: The user has to set up the bank account as part of the KarmaLife application for registration, and the bank account details should match with KYC details. Once the bank account is validated, then transfer will happen only to that bank account. It is not possible to transfer the amount to some other bank account.
How does a user repay the credit they use?
A: The used credit will be auto-deducted from the user's weekly/monthly earnings and will reflect in their salary statement. The loan repayment will be deducted from their earnings and the net amount will be made available to them by their employer. The user can also repay directly from the app itself using Google Pay or any other UPI apps listed in the KarmaLife app.